New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4240 - Small, Minority Business And Women-owned Business Enterprises Transportation Capital Assistance And Guaranteed Loan Program
Section 4240.3 - Eligible and ineligible program assistance recipients
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4240.3
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The corporation shall provide program assistance to beneficiaries directly or through intermediaries, as follows:
(1) Recipient of funds pursuant to a linked
deposit shall be an intermediary that is an eligible banking organization
proposing to make program loans, in accordance with section
4240.5
of this Part, to beneficiaries that are small businesses or certified minority
and/or women-owned business enterprises.
(2) A recipient of program assistance in the
form of a government contractor loan shall be a beneficiary that is a small
business or a certified minority and/or women-owned business enterprise
proposing to undertake a project that meets the criteria set forth in section
4240.6
of this Part.
(3) A recipient of
program assistance in the form of a business development loan shall be a
beneficiary that is small business or a certified minority and/or women-owned
business enterprise proposing to undertake a project that meets the criteria
set forth in section
4240.7
of this Part.
(4) A recipient of
program assistance in the form of a franchise loan shall be a beneficiary that
is a small business or a certified minority and/or women-owned business
enterprise proposing to undertake a project that meets the criteria set forth
in section
4240.8
of this Part.
(5) A recipient of
program assistance in the form of a loan guaranty shall be an intermediary that
is an eligible banking organization proposing to make program loans, in
accordance with section
4240.9
of this Part, to beneficiaries that are small businesses or certified minority
and/or women-owned business enterprises.
(b) Certification.
(1) An enterprise that applies for program
assistance may obtain certification through any certification program
administered by the State Certification Director or a certifying
agency.
(2) An enterprise shall be
deemed to be a certified minority and/or women-owned business enterprise if the
enterprise has had its application for certification rejected by the State
Certification Director on the ground that such enterprise is a start up
business and is ineligible for certification until such time as it can document
business activity and operational control as a minority-owned business
enterprise or as a women-owned business enterprise as evidenced by the written
determination of the State Certification Director. Denial of certification on
any ground will make an applicant ineligible for any form of program
assistance. In any such instance where financial assistance is approved and
certification is rejected on the ground that the start up enterprise cannot
document business activity and operational control as a minority- owned
business enterprise or women-owned business enterprise, the corporation will
require a completed application for certification to be submitted to the State
Certification Director within one year from the date on which the corporation
makes its first disbursement of funds in connection with the project. The
failure to so submit an application for certification, the rejection of such
application, or the denial of certification and the failure of the enterprise
to appeal successfully the denial decision in the manner authorized pursuant to
the certification guidelines published by the State Certification Director at 9
NYCRR Part 544, as in effect from time to time, shall constitute a default by
the enterprise. Such default shall release the corporation from all obligations
with respect to its assistance under the program and all amounts disbursed or
otherwise paid out or deposited by the corporation in connection with any
financial assistance under the program shall become immediately due and payable
to the corporation.
(c) The following enterprises are ineligible for program assistance:
(1) educational institutions; and
(2) hospitals or residential health care
facilities.
Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.